Anonymous Whales Deposit $30.4 Million Worth of ETH To Binance

IconCryptoNewsTerminal Staff22 Jul, 2024

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Anonymous Whales Deposit $30.4 Million Worth of ETH To Binance

Anonymous whales have deposited a whopping $30.4 million worth of ETH into Binance, according to data from blockchain analytics firm Lookonchain. The transactions were made in multiple tranches, with the largest single deposit being 10,000 ETH, worth about $13.2 million at the time of the transaction. The identity of the whales behind these deposits is unknown, but they are likely to be large investors or institutions who are looking to take advantage of Binance's deep liquidity and low trading fees. The deposits come at a time when the price of ETH is hovering around $1,300, after a sharp sell-off in recent weeks. The influx of capital from whales is a positive sign for Binance, which is the world's largest cryptocurrency exchange. It suggests that investors are still confident in the long-term prospects of ETH and the cryptocurrency market as a whole.

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